BREAKING: SEC Suspends Oando’s AGM Slated for Tuesday

By Modupe Gbadeyanka

The Annual General Meeting (AGM) of embattled Oando Plc fixed for Tuesday, June 11, 2019 in Lagos, has been suspended.

The meeting was suspended by the Securities and Exchange Commission (SEC), the apex capital market regulator in Nigeria.

In a statement issued on Monday by the agency, it was explained that the AGM will no longer take place tomorrow as earlier scheduled because of a pending matter at a Federal High Court sitting in Lagos.

Nearly two weeks ago, SEC sanctioned Oando and some of its board members, but the company’s Group CEO, Mr Wale Tinubu, went to court to stop the punishment.

In today’s press statement, SEC cited this case as the reason for its action, saying the AGM will remain suspended till further notice.

“The Securities & Exchange Commission (the Commission) hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in SUIT NO: FHC/L/CS/910/19 IN MR. JUBRIL ADEWALE TINUBU & ANOR V SECURITIES & EXCHANGE COMMISSION & ANOR, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.

“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.

“The commission will update relevant stakeholders and the public on the outcome of the ongoing litigation,” the statement said.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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